Fortune Brands Innovations (NYSE:FBIN) Cut to “Strong Sell” at Zacks Research

Fortune Brands Innovations (NYSE:FBIN) was downgraded by research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Tuesday, Zacks reports.

Several other brokerages also recently issued reports on FBIN. Melius Research began coverage on shares of Fortune Brands Innovations in a research report on Tuesday, October 6th. They set a “hold” rating and a $44.00 price objective for the company. Evercore set a $45.00 price objective on shares of Fortune Brands Innovations in a research report on Friday, September 25th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Fortune Brands Innovations in a research note on Tuesday, November 3rd. Wells Fargo & Company increased their target price on Fortune Brands Innovations from $48.00 to $51.00 and gave the stock an “overweight” rating in a report on Wednesday, November 4th. Finally, Barclays lowered their target price on Fortune Brands Innovations from $47.00 to $40.00 and set an “equal weight” rating for the company in a report on Wednesday, November 4th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $51.80.

Fortune Brands Innovations Price Performance

NYSE FBIN opened at $49.17 on Tuesday. The business has a 50 day simple moving average of $41.64 and a 200 day simple moving average of $44.81. Fortune Brands Innovations has a 52-week low of $32.34 and a 52-week high of $64.84. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.89 and a current ratio of 1.83. The stock has a market cap of $5.83 billion, a price-to-earnings ratio of 46.39, a PEG ratio of 2.51 and a beta of 1.25.

Fortune Brands Innovations (NYSE:FBIN) last announced its quarterly earnings results on Tuesday, November 3rd. The company reported $1.14 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.40. Fortune Brands Innovations had a net margin of 2.94% and a return on equity of 17.74%. The firm had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.12 billion. During the same quarter in the previous year, the firm posted $1.09 earnings per share. The business’s revenue was down 3.1% on a year-over-year basis. Analysts anticipate that Fortune Brands Innovations will post 3.27 earnings per share for the current fiscal year.

Institutional Trading of Fortune Brands Innovations

A number of large investors have recently added to or reduced their stakes in the company. BlackRock Inc. bought a new position in shares of Fortune Brands Innovations in the 2nd quarter valued at about $1,062,255,000. Dimensional Fund Advisors LP increased its stake in shares of Fortune Brands Innovations by 7.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,064,086 shares of the company’s stock worth $158,362,000 after purchasing an additional 271,371 shares during the last quarter. Garden Investment Management L.P. acquired a new position in shares of Fortune Brands Innovations during the 1st quarter worth about $137,471,000. Amundi raised its holdings in shares of Fortune Brands Innovations by 11.2% in the 1st quarter. Amundi now owns 2,487,343 shares of the company’s stock valued at $96,979,000 after purchasing an additional 249,696 shares during the period. Finally, Freestone Grove Partners LP bought a new stake in shares of Fortune Brands Innovations in the 2nd quarter valued at about $136,063,000. Institutional investors and hedge funds own 87.60% of the company’s stock.

Fortune Brands Innovations Company Profile

Fortune Brands Innovations, Inc. designs, manufactures and markets products for homes and security. Its offerings include faucets, sinks and other plumbing products; entry doors and storm doors; and locks and safes. The company’s portfolio includes brands such as Moen, House of Rohl, Therma-Tru, Larson, Master Lock and SentrySafe. It serves customers primarily in North America, as well as in international markets. Previously known as Fortune Brands Home & Security, the company adopted the Fortune Brands Innovations name in 2022.